The Economy of Las Vegas is Recovering Quicker than Most Expected

Las Vegas Sign

For more than a year, Las Vegas has been doing everything it can to boost tourism and gaming revenue. It seems that these efforts are finally beginning to pay off. New reports claim that the economy of Las Vegas is recovering faster than many analysts initially expected.

It’s exciting news for many of the individuals and businesses here. Las Vegas has faced some serious adversity over the past year. Today, we’ll discuss how things are improving in the city.

Let’s get into it!

Casino Companies are Reporting Big Revenue Increases

There have been countless reports documenting the struggle that the US casino industry has faced over the past year. As most are aware, casinos were forced to be shut down for months in 2020. Even after reopening, the majority of them saw very little revenue coming in throughout the year.

Gaming analysts were torn on how long this situation would last. Some feared that the major casino-resorts in Las Vegas would be forced to file for bankruptcy. Without players, these venues simply cannot survive.

2021 is already proving to be a far more successful year for this industry. Vaccine distribution is ramping up around the United States. As a result, more individuals are making the trip to major gambling hubs such as Las Vegas.

Casino companies are now reporting large increases in their revenue figures. That includes companies like MGM Resorts International and Wynn Resorts. Based on the current trend, these revenue figures will continue to increase as the year goes on.

Las Vegas Sands may be somewhat disappointed at the surge of gaming revenue in Las Vegas. Not long ago, the company sold several major properties in this city to focus more on operations in Macau. That may have been a mistake.

All eyes are now on Las Vegas and the tourism situation here. Fortunately, it seems that things are improving here much faster than most anticipated.

Here’s an Update on the Economy of Las Vegas

The city of Las Vegas remains the biggest gambling hub in the world. It’s here that many multi-billion-dollar gaming venues are up and running. It was also the worst-affected city in the country from an economic standpoint due to the events that unfolded last year.

There have been serious debates raging over how the economy of Las Vegas will fare throughout 2021. There is good news on that front. The city’s tourism and gaming industry are bouncing back quicker than just about everyone anticipated.

Reports are now indicating that resort foot traffic and occupancy levels are quickly reaching pre-pandemic levels. In fact, hotel occupancy is at about 95% during most weekends. That is a staggering increase from just one month ago.

Even midweek visits to Las Vegas are surging right now. It’s becoming clear that many people around the country are taking long-overdue vacations to the city. Special deals and discounted entertainment options are helping to fuel this recovery.

Prominent gaming analyst John DeCree spoke with the Las Vegas Review-Journal this week about the economic boom here.

“There is a significant pent-up demand for entertainment from the US consumer, and Las Vegas is the entertainment capital of the US,” he said. “With limited entertainment options over the past year, and national savings levels at record highs, coupled with robust stimulus from the federal government, we believe consumer entertainment such as Las Vegas will be the recovery ladder.”

This has to be the most exciting news for casino companies to hear in quite some time. Las Vegas is recovering in a big way. We’ll be sure to continue offering updates on the economic situation here over the next few weeks.

Will More US Casino Companies Focus on Macau This Year?

The country’s gambling industry has been through a lot over the past year. For a time, it seemed as if Macau would end up being a saving grace for the country’s biggest gaming hubs. That didn’t necessarily end up being the case.

In fact, Macau’s recovery has been significantly slower than many expected. Many intense travel restrictions have been set in place to and from Mainland China. As a result, tourism and gaming revenue here has remained low.

Some of the biggest US casino companies own and operate many casino-resorts in Macau. MGM Resorts, Wynn Resorts, and Las Vegas Sands all own gaming venues here. Some are now wondering whether or not these venues will end up out-performing the ones in Las Vegas.

Based on the current trends, that doesn’t appear to be the case. The economy of Las Vegas is improving in a big way recently. Macau may end up taking longer to see the same type of recovery.

Things are still changing at the drop of a hat, though. No one really knows how the world’s land-based gambling industry will be looking in just a few months. Stay tuned for more information on how this industry is faring as the months go on.

Are you surprised to see how quickly Las Vegas is recovering? Do you think we’ll see pre-pandemic revenue figures this year? Let us know in the comments section below.

AGA Comments on Atlantic City Casino Shutdowns

For the past few years, Atlantic City has once again emerged as one of the gambling hubs of the United States. New Jersey is profiting heavily from the revenue earned from this industry. Unfortunately, the AGA believes new Atlantic City casino shutdowns will take a serious toll on the economy.Sky View Of Atlantic City

It’s an extremely tough time for the land-based casino industry around the United States. No one knows when things will begin to improve, either. Today, we’re going to look at what the AGA is saying to expect.

Let’s get into it!

New Jersey’s Coronavirus Rates Are Increasing

For reasons unknown, the media seems to be reporting that New York and California are the two epicenters of the coronavirus outbreaks in the United States. In reality, though, New Jersey has the second-most infections in the country at 2,844. This trend is increasing and every day hundreds of new cases are reported in this state.

It’s not entirely surprising. New York City is experiencing an incredible surge in cases right now. New Jersey is right next door and is seeing infection rates increase rapidly.

Lawmakers in this state are trying desperately to slow this down. Unfortunately, reports indicate that the state’s testing sites are reaching capacity before even opening to the public. Governor Phil Murphy claims this isn’t a surprise and expects to see many more cases emerge over the next week.

Every state is coming up with new regulations to deal with these issues. Stay-at-home orders are now being seen around the country. Many businesses have been forced to close down, as well. Unfortunately, this is taking a serious toll on the land-based casino industry in many states including Nevada.

The gambling industry in New Jersey is taking a hit, too. Here, all casinos have been forced to close down. Some analysts are now trying to decide how long is too long for these gambling venues to be closed.

Atlantic City Casino Shutdowns Will Result in Major Economic Losses

For a time, it looked as if Atlantic City may emerge as the country’s biggest gambling destination. This city drew in a huge number of gamblers from the East Coast and revenue here continued to increase. As infection rates began to increase in New Jersey, lawmakers finally decided it was time for the state’s casinos to close to the public.

The American Gaming Association has been trying to warn Congress about the impact of these casino closures. This group represents casino owners across the country. It’s been warning about the impact these new regulations will have on cities like Las Vegas, which relies heavily on its casino industry.

This week, the AGA released a statement about the Atlantic City casino shutdowns. According to the group, this will end up affecting millions of people around the state.

“The impact on our employees, their families and communities is staggering, and the implications extend far beyond the casino floor,” said Bill Miller, president and CEO of the AGA. “Gaming is an economic engine, employing millions of local residents, generating community investment through vital tax revenue, and supporting small businesses in communities all across the country.” 

The AGA later went on to claim this will cost New Jersey $1.1 billion in economic losses. This is clearly a tough time for casino operators here. We won’t know the true impact this casino shutdown will cost for at least a few months.

US Online Casino Industry Continues to Surge

Covid-19 isn’t slowing down. Europe remains the epicenter of the pandemic, yet infection rates in the United States have been increasing rapidly. Soon, it’s likely that more cases will be recorded here than any other nation.

Recent reports claim that more than 90% of all land-based casinos in the country are shut down. This includes all of the ones in Las Vegas. The Atlantic City casino shutdowns prove that the land-based gaming industry in this country is hurting.

Many people are now choosing to play through online casino sites in the US. Most of these sites are available in every single state. The majority of them offer more gambling options than the biggest brick-and-mortar casinos in the country, too.

It’s unlikely that normal casinos will open anytime soon. Many major casino companies are now asking for emergency relief from Congress. While these venues are shut down, the online casino industry is growing more popular.

This is a constantly-evolving situation. New updates are being reported every few minutes. Hopefully, health officials are able to put a stop to this pandemic before things become too severe.

Stay tuned for more US casino news over the next few weeks!

Here’s How US Casino Closures Will Affect the Economy

We’ve been reporting on Covid-19 since it first emerged in China. Over the past three weeks, this virus has begun spreading quickly around the United States. Unfortunately, it now appears that US casino closures will cost the economy more than many realize.Hundred Dollar Bills

Things are changing fast. Casinos around the country are now being forced to close down. Today, we’re going to look at how much money analysts predict the gambling industry will lose.

Let’s get into it!

More Casinos Are Being Forced to Close Their Doors

Never before has a virus impacted the US gambling industry so quickly. In late January, only a few cases of this virus were present in the United States. Today, more than 16,000 individuals in the US have already tested positive.

As Covid-19 spreads, more industries are being devastated. This includes the airline industry, which seems on the brink of collapse. People around the world simply aren’t flying right now and many of these companies claim they will soon go bankrupt.

The gambling industry is also being impacted. Many states have begun forcing all casinos to shut down. This includes Nevada, which recently called on all casinos to shut their doors. It’s tough news for Las Vegas, which relies heavily on its gambling industry.

Some companies are now asking Congress for help. They claim that without emergency aid, it will be impossible to stay afloat. It’s still unclear how Congress will be able to help these companies.

There’s no doubt that land-based casino operators face a difficult time. More parts of the country are making their gambling venues shut down. New reports offer some information about how much money will be lost due to US casino closures.

Analysts Offer Grim Projection Due to US Casino Closures

Everyone knows that the next few months will be tough for land-based casinos. Unless a major breakthrough is made, the tough times could continue for the rest of the year. This week, though, several analysts revealed what will happen due to US casino closures.

According to the American Gaming Association, if all land-based casinos are forced to close their doors for the next eight weeks, it will cost the US economy $21.3 billion. More than $59 billion could be lost in total annual wage losses.

Casey Clark, the AGA’s senior vice president of strategic communications, released a statement to the media about this situation.

“The American Gaming Association, in partnership with our colleagues across the hospitality sector, is engaged with Congressional and administration leadership to shape stimulus and aid packages that will support employees, their families, and our communities through this unprecedented crisis,” he said. 

More than 530,000 casino workers are already out of a job. As more casinos are forced to close, this number will rise.

Analysts also claim that US casino closures will hurt local economies. Many parts of the country, including small cities, need the revenue from casinos. We’ll need to wait and see how casinos tackle these new, unexpected issues.

Online Casino Gambling is Growing More Popular

The US internet casino industry has been growing for years. Of course, many individuals still prefer to make their bets inside land-based venues. Now that nearly all casinos in the country are shutting down, however, the popularity of online casinos is exploding.

Fortunately, there are a huge number of fantastic internet casino sites available today. Many of them offer just as many games as the biggest land-based casinos in Las Vegas. The majority offer quick, safe payment options, as well.

One that we love is Bovada. This site is one of the most popular in the US and is known for its sleek, modern user interface. Bovada also offers a great online sportsbook, with odds on just about every sport still operating.

With that being said, the US sports world is essentially shut down right now. No major leagues are able to operate. Hopefully, that changes within the next month or two.

More US casino closures are announced every single day. The AGA feels this will have a major impact on the country’s economy. Stay tuned for more updates on this story over the next few weeks.